Wood pellet market to reach US$ 15.47 billion by 2025

Wood pellet market to reach US$ 15.47 billion by 2025

The global wood pellet market size is projected to reach US$ 15.47 billion by 2025 expanding at 9.2% CAGR, according to a new report by Grand View Research, Inc. The product is obtained by recycling the timber and forest residues into clean, renewable biomass fuel. The industry in Asia Pacific is expected to register high growth owing to rising product demand in power plants applications as a result of increased awareness for electricity generation through renewable sources.